I have been in my IVA for just over a year but am concerned that I have no life insurance cover or income protection insurance in the event of me either becoming ill or unemployed or die during the term of my IVA. I wish to be both responsible to my creditors and family in the event of anything happening.
Is there a way that I can reduce my monthly IVA payment to enable me to free up cash each month for insurance? My IVA says that my Supervisor can reduce payments by 15%. This being the case based on my IVA monthly payment being £475 I would be able to free up £71.25 which I am sure would then provide me with adequate cover.
Has anyone out there with an IVA had similar thoughts or would one of the forum experts advise me accordingly.
Welcome to the forum .... Unfortunately funding for this type of insurance is not normally agreeable under your I&E. However if you can juggle your allowances and tweak a little here and there you can fund it from that.
We took out a life insurance policy for my husband in our IVA and it was £25 per month for £100k of cover.... It didn't have redundancy or sickness / employment cover ..that was the risk we took. Worth shopping around
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I don't see that as a viable reason for reducing payments. If you fall ill during the IVA or become unemployed, you can seek a payment break to deal with the IVA payments. Did you have life insurance in place before you took out the IVA?
